What is HARP 2.0?
One program that has benefited countless homeowners throughout the United States is the Home Affordable Refinance Program (HARP). The program is used to help those with underwater mortgage rates to restructure their current rates to take full advantage of today’s rock-bottom mortgage interest rates. Previously with the first introduction of HARP, the program was limited to those whose home was worth no less than 125% of their mortgages, the importance of this program hasn’t gone unnoticed. That is why the program has been reinstated as of December 1, 2011 and will actually continue on through December 31, 2013. There are some key changes to the “new” version of the program being dubbed, HARP 2.0
To begin, the biggest change that can be found within HARP 2.0 is who exactly is eligible for the program. The previous cap has been lifted so now there is no cap whatsoever. That comes for the people with traditional 30-year fixed rate mortgages. Even those people with the less common 15-year fixed loans can now benefit from HARP 2.0. The other restriction to the program is that the only people eligible to take advantage of HARP 2.0 are those borrowers whose loans are held by either Fannie Mae or Freddie Mac. Now to go one step beyond that, you must have made all your house payments within the last six months and that a single payment did not arrive tardy in the past 12 months.
It’s highly recommended that you take full advantage of the refined version of HARP if you’re in a mortgage situation that you would like refinanced. If you’re a homeowner that fits into the above criteria and you would love to refinance your mortgage interest rates, either call: 1-800-555-2098. Or fill out the email form below and a loan officer will be in direct contact with you.